In a medium pot mix milk and harina P.A.N until smooth. Add half of coconut milk, about 1 cup, and mix well.
Turn the heat on to medium and let the mixture come to a boil, stirring constantly. Add sugar, panela, coconut flakes, sweetened condensed milk, nutmeg, cinnamon, and salt; stir until incorporated. Cook for 2 -3 minutes.
Remove the cinnamon sticks and discard.
Transfer mixture to a big bowl, or several individual bowls. Refrigerate for 2 -3 hours, or until set and firm.
Sprinkle with more coconut flakes and ground cinnamon on top, if desired. Serve cool.
Optional to serve: add a little bit of sugar, about 1/2 teaspoon, over the tops of the majaretes. Using a torch, melt the sugar and form a crispy top.